Trafic-ESP builds on the long-term success of Traceâs highly resilient and fully-featured interface to Euroclear UK & Ireland (formerly CREST), which has been supporting a diverse range of high-volume users - including brokerages, custodians, clearers and settlement banks - since CRESTâs inauguration in 1996.
One of the four clients - a wealth manager, and new-name business for Trace Financial - is today implementing Trafic for Euroclear UK & Ireland making significant savings in custody costs by self-clearing their Euroclear UK & Ireland trades. The contract also covers Trafic-ESP which the client will use when the Single Platform project begins trialing in 2009.
âTrace Financial has an unrivalled depth of experience in working with the ISO 15022 and ISO 20022 standards which will be used by the Single Platform as well as the current proprietary DEX messagingâ said Nick Tonge, Sales Director at Trace Financial. âOur consultants have been working in the securities settlement and asset servicing areas for many years. Add to that our range of advanced message technologies, business knowledge and experience and it is clear that Trace Financial is ideally placed to help our clients make a successful transition from the Euroclear UK & Ireland system to the Euroclear Single Platformâ.
Yves Lamote , Director, Communications Services at Euroclear, said: âWe are pleased with Trace Financial having upgraded their Trafic-ESP product to the standards of Euroclear's Single Platform. Trace Financial is an important player, supporting our plans to migrate our user base to the new Euroclear Single Platform. Trace Financial has consistently demonstrated its commitment towards customers of Euroclear UK & Ireland with its Trafic-CREST product since 1996.â